SEOUL, Jan. 31 (Korea Bizwire) — South Korea’s unification ministry said Wednesday it is closely reviewing legal aspects needed to sue North Korea over its illegal operation of the now-shuttered joint industrial complex in the North’s border city of Kaesong. The Donga Ilbo, a local newspaper, reported Wednesday that the government plans to lodge a [...]
SEOUL, Jul. 25 (Korea Bizwire) — A number of local companies that operated factories situated in the Kaesong Industrial Complex are relocating to Vietnam and other countries after being unable to deal with rising labor costs. According to the association of companies that has production facilities in Kaesong, of the 123 companies that operated factories [...]
SEOUL, Nov. 13 (Korea Bizwire) – South Korean companies that operated factories at the now-shuttered joint industrial park in North Korea said Monday they will accept the tens of billions of won in compensation recently offered by the government, yet decided to seek additional support. On Friday, the government said it will provide compensation to hundreds of domestic companies who suffered losses [...]
SEOUL, Feb. 7 (Korea Bizwire) – A resumption of the now-shuttered joint industrial complex could spark a row over the breaking of the latest U.N. sanctions resolutions against North Korea, a government official said Tuesday. With the shutdown of the Kaesong Industrial Complex marking the first anniversary this week, whether to resume the factory zone [...]
SEOUL, Sept. 28 (Korea Bizwire) – South Korea said Wednesday it has handed out 84 percent of support funds earmarked for local firms that operated factories in the now-shuttered joint industrial park in North Korea to help cover their financial losses. The government has offered 438.5 billion won (US$399.8 million) out of about 500 billion [...]
SEOUL, Aug. 10 (Korea Bizwire) – South Korea on Wednesday said it is nonsense to talk about reopening the now-shuttered joint industrial park with North Korea, as the communist country is continuing to move forward with its development of nuclear weapons and missiles. Six months ago, Seoul shut down the Kaesong Industrial Complex in the North’s [...]
SEOUL, June 1 (Korea Bizwire) – South Korean firms suffering months-long financial damage from the shutdown of a joint industrial complex in North Korea expressed discontent with the latest government support measures on Tuesday, saying the partial aid is not enough to compensate for their losses. Seoul shut down the Kaesong Industrial Complex in the North’s [...]
SEOUL, Feb. 12 (Korea Bizwire) – North Korea ordered all South Koreans on Thursday to immediately leave a joint industrial park in the North and froze all South Korean assets there in retaliation for Seoul’s suspension of the complex. The North’s move to expel South Koreans from the Kaesong Industrial Complex in the North’s border [...]
SEOUL, Feb. 7 (Korea Bizwire) – South Korea said Sunday it will further restrict the entry of its nationals to a joint industrial park in North Korea in response to the North’s long-range rocket launch. The Unification Ministry said that it will reduce the number of South Koreans staying at the Kaesong Industrial Complex in [...]
SEJONG, Sept. 3 (Korea Bizwire) — Inter-Korean trade in the first seven months of this year recovered to levels before Seoul imposed blanket sanctions against the North for the sinking of its naval ship, government data showed Thursday, thanks to increased exchange via a joint industrial complex. According to the Korea Customs Service (KCS) data, the [...]